Bar Harbor Bankshares (NYSEAMERICAN:BHB) Reaches New 52-Week High – Time to Buy?

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $39.67 and last traded at $38.63, with a volume of 863510 shares. The stock had previously closed at $39.07.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reiterated an “overweight” rating and set a $41.00 target price (up from $39.00) on shares of Bar Harbor Bankshares in a research report on Friday. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Bar Harbor Bankshares presently has a consensus rating of “Hold” and a consensus price target of $37.50.

Bar Harbor Bankshares Price Performance

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.40. The firm’s 50 day simple moving average is $35.26 and its 200 day simple moving average is $33.77. The company has a market capitalization of $645.23 million, a PE ratio of 15.77 and a beta of 0.61.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.02. The business had revenue of $47.29 billion for the quarter, compared to the consensus estimate of $48.22 million. Bar Harbor Bankshares had a net margin of 15.90% and a return on equity of 10.95%. As a group, research analysts anticipate that Bar Harbor Bankshares, Inc. will post 3.67 EPS for the current fiscal year.

Bar Harbor Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, May 21st were given a $0.34 dividend. This is an increase from Bar Harbor Bankshares’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $1.36 dividend on an annualized basis and a yield of 3.5%. Bar Harbor Bankshares’s dividend payout ratio is currently 47.72%.

Insider Transactions at Bar Harbor Bankshares

In other news, Director Matthew L. Caras acquired 760 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was acquired at an average price of $34.68 per share, with a total value of $26,356.80. Following the completion of the purchase, the director directly owned 22,894 shares in the company, valued at approximately $793,963.92. This trade represents a 3.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.37% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BHB. Focus Partners Wealth raised its holdings in shares of Bar Harbor Bankshares by 459.8% in the third quarter. Focus Partners Wealth now owns 90,870 shares of the financial services provider’s stock worth $2,768,000 after buying an additional 74,638 shares during the period. Renaissance Technologies LLC boosted its holdings in Bar Harbor Bankshares by 52.3% during the 1st quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider’s stock valued at $5,980,000 after acquiring an additional 63,300 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Bar Harbor Bankshares in the 4th quarter valued at $1,408,000. UBS Group AG grew its position in Bar Harbor Bankshares by 489.9% in the 3rd quarter. UBS Group AG now owns 48,087 shares of the financial services provider’s stock valued at $1,465,000 after acquiring an additional 39,935 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Bar Harbor Bankshares by 11.4% in the first quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider’s stock worth $12,157,000 after purchasing an additional 38,274 shares during the period. Institutional investors own 54.49% of the company’s stock.

Bar Harbor Bankshares Company Profile

Bar Harbor Bankshares, Inc is a bank holding company headquartered in Ellsworth, Maine, and the parent of Bar Harbor Bank & Trust. The company provides a full suite of commercial and consumer banking products and services, including deposit accounts, residential and commercial lending, wealth management, treasury and cash management, and online and mobile banking solutions. Its subsidiary, Bar Harbor Bank & Trust, operates branches across Maine and eastern New Hampshire, serving both individual and business clients with a focus on community banking relationships.

With roots tracing back to the late 19th century, Bar Harbor Bankshares has built its presence along the coast of Maine, extending from Casco Bay to Downeast communities, and into neighboring New Hampshire markets.